AmeriDream's lawsuit vs. HUD-UpDate

Q: What is the status of AmeriDream's lawsuit vs. HUD and the agency's proposed rule that will eliminate down payment assistance?

A: There have been two significant events with regard to HUD's proposed rule.

First, HUD voluntarily agreed to defer the effectiveness of the Regulation, as to AmeriDream only based upon the agreed to court schedule.

Second, the judge presiding over this litigation issued an injunction preventing the regulation from taking effect and stated that AmeriDream's arguments that the Regulation violates the APA are, "substantially likely to succeed on the merits."

As the Gold Standard for down payment assistance, AmeriDream remains committed to continue to fight the HUD Rule and to continue its mission to help individuals and families that are in need of a DPA program. AmeriDream also remains committed to keeping you aware of the latest news and information regarding the HUD Rule on DPA. www.ameridream.org.

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5 Comments on AmeriDream's lawsuit vs. HUD-UpDate

I am glad that this suit has been delayed.  We need all the help we can to get deals closed right now.

12/02/2007 09:20 AM by Rob Arnold, Florida Realtor / Investor (Sand Dollar Realty Group, Inc.)

I am working with a buyer now, using the Ameridream program, and can clearly see the merit it brings to the industry.  I agree with Rob, we need all we can to provide for the buyer and utilmately ourselves.

12/02/2007 09:30 AM by Stephanie Hansson,ABR (Coldwell Banker United, Realtors)

I was at a meeting with some high ranked HUD officials and it seams that they are enjoying getting the down-payment assistance non-profits out of business.

12/02/2007 09:50 AM by Latino Real Estate Community Online (ReaEstateLatino.com)

Thanks for the update the program is great and should continue. It is a positive thing we do for folks

12/02/2007 09:59 AM by Charlie Ragonesi Big Canoe Realestate Jasper,Ellijay,Ball Ground,Benttree (All Mountain Realty)

I agreed. When I was actively originating loans without this type of programs would have been impossible to help a firs-time homebuyer living the American Dream,

12/02/2007 10:18 AM by Latino Real Estate Community Online (ReaEstateLatino.com)

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